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ARTICLE · 21 MAY 2018

Cyprus Securities And Exchange Commission Guidance On Derivatives Based On Virtual Currencies

Elias Neocleous & Co LLC
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Following the decision by the European Securities and Markets Authority to bring contracts for difference on virtual currencies within the scope of its product intervention measures...

CyprusWealth Management
Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
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Following the decision by the European Securities and Markets Authority (ESMA) to bring contracts for difference (CFDs) on virtual currencies within the scope of its product intervention measures, the Cyprus Securities and Exchange Commission (CySEC) has announced that it considers such CFDs to be financial instruments falling within the scope of the Investment Services and Activities and Regulated Markets Law of 2017, and has issued a circular, C268 dated 15 May 2018, setting out its guidance on derivatives based on virtual currencies.

As indicated in CySEC's announcement dated 15 November 2017, issuing and trading in virtual currencies is not subject to regulation by CySEC unless the virtual currency concerned has characteristics that fall within the existing regulatory framework. However, virtual currencies may constitute an underlying variable in other derivative contracts including CFDs, options and futures.

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